Loading…
Malaysian palm oil futures closed 0.4% lower at 2,485 ringgit per ton after touching a 19-month high, ending a six-session rally. Traders cited a firmer ringgit and a view that the contract was overbought.
Prices had rallied on expectations of higher biofuel consumption.
A stronger ringgit makes palm oil more expensive for foreign buyers, and overbought conditions can produce short-term pullbacks. The longer-term biofuel-driven support still applies to vegetable oil prices.
dawn.comReutersNov 1, 2019Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
